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Journey From Trade To Friendship

Saranya K., 8-M, FAIPS-DPS
Wednesday, February 19, 2020

Journey From Trade To Friendship

Kuwait was discovered in 1613 by the Portuguese in the present-day location of Kuwait City. Before Kuwait used to be a part of Iraq, but later Iraq annexed Kuwait gin 1921 and 1922. This new colony, Kuwait, was given artificial boundaries with no basis in History or Geography. In Kuwait national day is celebrated on 25th February every year as it marks the day when Sheikh Abdullah Al-Salem Al-Sabah came to the throne of Kuwait in 1950 and also the death of Sheikh Abdullah Al-Salem Al-Sabah. The next day comes the Liberation day, this day is celebrated in Kuwait as it was the day in 1991 when Kuwait was liberated from the Iraqi dictator Saddam Hussein during the First Gulf War. This day is celebrated with a lot of public-meetings and public parades throughout the country. India and Kuwait have a very friendly correspondence.

India is one of the largest trade partners of Kuwait. India transports a lot of goods like cereals, electrical equipments, garments, trucks, buses, cars, tyres, iron and steel, metal products etc.… The Prime ministers and the Vice Presidents of India have paid many visits regularly to Kuwait. The number of Indian expats in Kuwait are approximately 6,40,000 people. There presence has increased jobs in electrical, industrial, architectural and fire and gas works and also maintenances. Indians have acquired a special space in Kuwait. However, there are a large number of Indians working in low paying jobs and also 22,000 people have been found living illegally in Kuwait. Due to this, 12,845 Indian expats were sent back to India.

Kuwait is a home to 300 Indian associations and 18 Indian schools. India in recent years has proposed many joint-venture projects between the two countries towards establishing new facilities in oil and gas sectors in both countries. India and Kuwait have signed numerous agreements linking to scientific, technological and medical works in expanses of culture and education.

They have also had contracts for the deterrence and decrease of alcohol and drugs in both the countries. Programs for cultural and information have been held in both these countries. Kuwait is India’s third largest trade partner in the Arab world. However, India is Kuwait’s second largest export market and its fifth largest sources of imports. Apart from transportation of goods India Imports many items and waste products from Kuwait like; plastic, fertilizers, aluminum scrap, tankers, iron & steel scrap, pulp of wood or other fibrous cellulosic material, waste or scrap of paper or paperboard, copper scrap, battery waste, etc. till now in history, the Indo-Kuwait relations have always had an important trade dimension.

Kuwait’s first currency was called Tiwalat-Al-Hasa. Later the fifth ruler Sheikh Abdullah Bin Sabah (1866-1892) gave a new currency to Kuwait called “rupee”. As it was handmade, it had an irregular shape. Many other currencies were also introduced in the market, which unfortunately lasted for a few months only. On October 1960 the Kuwaiti Cash law No. (41) was issued to introduce the new Kuwaiti currency, which is known as the Kuwaiti Dinar. Due to this the Indian rupees were returned to the government of India and the usage of Kuwaiti Dinar was first approved in April 1961.

Before the discovery of oil in Kuwait, it had professionals in Diving for pearls, trading businesses and fishing. The discovery of oil in Kuwait bought many expats including Indian, Philippines, Korean and many more in search of job opportunities. Crude oil reserve in Kuwait represents 10% of the world reserve. The one of the recent economy agreements between India and Kuwait is “The protocol amending the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income, on 15 January 2017. There are many Indian companies that have a presence in Kuwait like; Punj Lloyd, Shapoorji Pallonji, Dodsal, Afcons, KEC International Limited, TATA Consultancy Services, WIPRO, Infosys, HDFC Limited, Ashok Leyland, TATA Motors, Force Motors, Royal Enfield, Mahindra & Mahindra Ltd., EICHER Motors Ltd., Shalimar Valves, Bridge & Roof Company Limited, Godrej Security Solutions, Himalaya Drug Company, UTI Asset Management Company, The Energy Resource Institute (TERI), Maruti Suzuki, Kalpataru Power Transmission Ltd., Indian Office of Japan’s Engineering Co., Apollo Hospital group and Fortis Group of India & Gulf Jyoti International LLC, Dubai.

Currently, Kuwait-India share a friendly bonding with each other, helping with trade, business, economy, researches and many more.

Saranya K., 8-M, FAIPS-DPS

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